CNB Financial (NASDAQ:CCNE) Stock Rating Raised to Strong-Buy at Piper Sandler

Piper Sandler upgraded shares of CNB Financial (NASDAQ:CCNE) to a strong-buy rating in a research note released on Thursday morning,Zacks reports.

CCNE has been the subject of a number of other reports. DA Davidson lifted their price objective on CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Wall Street Zen lowered CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Raymond James Financial began coverage on CNB Financial in a report on Wednesday, August 26th. They set an “outperform” rating and a $39.00 target price for the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of CNB Financial in a research note on Friday, September 4th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $37.00.

CNB Financial Stock Performance

Shares of CCNE stock opened at $33.91 on Thursday. The firm’s 50 day moving average price is $34.43 and its 200-day moving average price is $32.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. CNB Financial has a one year low of $22.80 and a one year high of $36.17. The firm has a market cap of $1.00 billion, a P/E ratio of 10.90 and a beta of 0.61.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The firm had revenue of $87.65 million during the quarter, compared to the consensus estimate of $85.87 million. As a group, equities research analysts predict that CNB Financial will post 3.56 EPS for the current year.

CNB Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. CNB Financial’s dividend payout ratio is currently 24.44%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC acquired a new stake in CNB Financial in the 2nd quarter valued at about $337,000. Arizona State Retirement System purchased a new stake in shares of CNB Financial during the second quarter worth approximately $262,000. HighTower Advisors LLC purchased a new stake in shares of CNB Financial during the second quarter worth approximately $564,000. Susquehanna Fundamental Investments LLC raised its holdings in CNB Financial by 34.6% in the second quarter. Susquehanna Fundamental Investments LLC now owns 22,234 shares of the bank’s stock valued at $750,000 after acquiring an additional 5,718 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in CNB Financial in the second quarter valued at approximately $4,918,000. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Company Profile

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its banking subsidiaries and regional banking brands, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business loans, treasury and cash-management services, online and mobile banking, and wealth-management and trust services.